Birdseye View | Crested Butte Market Snapshot | Second Quarter 2022

crested butte bringing dreams home

Welcome to Bluebird Real Estate, a premium home buying and selling experience in the Crested Butte area and Gunnison Valley of Colorado.

Exceptional Marketing Bluebird is an independent, local brokerage that represents the best homes in the marketplace with the finest print and digital collateral available locally and worldwide.

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Bluebird is the exclusive regional member of Luxury Portfolio International, the leading luxury network selling the highest volume of distinctive properties in the world. The largest global consortium of independent brokers, Leading Real Estate Companies of the World manages relocation services for Bluebird and over 550 brokerages in 70 countries.

37 Wildhorse Trail | Offered for $2,800,000

birdseye view: crested butte market snapshot, second quarter Summer is in full swing in the Crested Butte area, with flowers blooming in their prime thanks to our recent afternoon showers. Live concerts, parades, golf, hiking, biking, and pickleball fill the longer summer days for our friends and neighbors. The real estate market is surging with new inventory, following a slower start to the year with not much to choose from.

Home sales should stabilize thanks to recent increases in our supply. We may be in the market adjustment phase, rounding the top of the cycle with the tension of optimistic sellers meeting more patient buyers. As we start to see price changes, this will be confirmed.

Nonetheless, the average home price in Crested Butte is approaching $3 million and $1,100 per square foot. Even though new construction is more abundant in every direction, building costs are at an all-time high.

Architect and builder contracts are lining up years in advance, and some buyers are opting to purchase from existing availability over building new at this point.

Sales in surrounding neighborhoods have leveled off, but the average prices are still increasing, indicating that more expensive properties are

Crested Butte 970.349.6691 Gunnison 970.641.6691 bbre1.com

still in demand. Mt. Crested Butte homes average over $2 million, and CB South averages over $1.3 million to date.

Condominiums on the mountain are selling very well and on pace with last year’s sales at 73 year to date and an average price over $550,000. Land sales have eased with half as many parcels sold to date (59) compared to last year. However, development parcels in and around town have been trading.

Bluebird recently closed a notable multi-unit parcel in Mt. Crested Butte for over $5 million. The firm enjoyed an exceptionally strong June, early signs of a robust summer. This year, Bluebird set all-time high sales price records for the region on Slate River Drive just north of town, Elk Avenue in town, and Hidden River in East River Ranches. These prices are new to our region, but still a fraction of the prices in Aspen and Telluride. Today’s buyers recognize the quality of life as well as the relative values in our valley.

We are excited for our peak summer season hikes, concerts, and real estate sales. Watch our fabulous new offerings as they hit the market each week, and we look forward to working with you and “bringing dreams home.”

crested butte area property sales statistics 2016

2017

2018

2019

YTD 6/21

2021

YTD 6/22

Crested Butte Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory

2020

27 1,157,515 44% 546 175 15 6

23 1,363,624 18% 560 247 18 9

22 1,302,877 -4% 588 217 20 11

21 1,734,224 33% 725 154 22 13

41 1,609,646 -7% 752 175 7 2

14 2,148,428 17% 918 162 16 7

30 2,318,500 44% 993 128 11 4

7 2,942,857 37% 1,190 244 25 21

Mount Crested Butte Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory

22 1,149,801 19% 373 332 35 16

29 1,028,800 -11% 331 243 27 11

30 1,018,750 -1% 363 252 25 10

24 1,102,063 8% 413 189 22 11

33 1,409,539 28% 459 225 18 7

22 1,795,795 66% 520 129 10 3

41 2,121,756 51% 583 126 9 3

11 2,267,054 26% 691 187 8 4

Mount CB Condo/TH Sales - Condo/TH Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory

148 264,769 -1% 264 246 66 5

137 362,701 37% 311 161 49 4

122 397,107 9% 366 147 61 6

86 479,264 21% 419 141 63 9

126 493,004 3% 441 168 54 5

70 592,792 43% 543 168 39 3

162 543,294 10% 538 155 11 1

72 560,877 -5% 627 82 30 3

Crested Butte Rural Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory

29 1,434,216 9% 439 275 44 17

38 1,496,539 4% 451 211 41 13

30 1,309,300 -13% 389 208 58 23

27 1,698,093 30% 511 246 53 24

62 1,834,501 8% 483 252 17 3

24 1,760,168 13% 644 131 13 3

53 2,173,177 18% 703 152 7 2

13 2,594,900 47% 744 103 25 12

CB South Sales - Single Family Average Price Percent Change Price/ Square Foot Days on Market Active Listings Months of Inventory

12 584,708 21% 251 119 4 2

18 632,445 8% 275 192 7 5

20 676,657 7% 287 144 6 4

15 726,133 7% 302 140 6 5

18 794,338 9% 311 169 0 0

12 1,072,098 31% 470 66 4 2

26 1,035,864 30% 447 78 0 0

6 1,307,916 22% 644 65 2 2

Land - All CB Sales - Land Average Price Percent Change Days on Market Active Listings Months of Inventory

83 226,878 14% 319 244 35

117 273,255 20% 305 242 25

146 278,621 2% 292 211 17

89 390,023 40% 230 248 33

131 431,745 11% 349 151 14

140 472,637 100% 620 107 5

248 526,759 22% 447 66 3

59 1,014,864 115% 441 94 10

*CREN, MLS Data, July 2022

bluebird associates and staff Bluebird Real Estate is a dynamic team of dedicated professionals who are driven by exceptional marketing and successful results for our clients. We are strategically located in downtown Crested Butte and Gunnison in modern buildings with superior street visibility and traffic.

Crested Butte office pictured from L to R: Natalie Hatchett, Lisa Lenander, Joe Summerville, Jennie Barry, Bet Egelhoff, Dan Estey, Mary Hakala, Dalynn Trujillo, Alex Owen, Patti Hensley, Bud Bush, Jordi Sendra, Joel Vosburg, Charlie Farnan, Maggie Dethloff, Trevor Bona, Karen Allen, Diane Aronovic, Jana Barrett, Jenny Knox, Jenna May Not pictured: Allison Lee, Jana Martin, Ross Tunkey, Cynthia Wolff

Bluebird’s award winning website, bbre1.com, attracts discerning buyers and sellers regionally and from around the globe. Recently the website was recognized for Best Visual Design, an international honor from our member company, Leading Real Estate Companies of the World.

Crested Butte 970.349.6691 Gunnison 970.641.6691 bbre1.com